The deal was first announced back in July, expanding China's hold on the Canada's oil sands reserves. CNOOC will be acquiring OPTI's 35% working interest in Long Lake along with three other project sites located in the Athabasca region. The reminder of the Long Lake site is owned by Nexe Inc.( NXY , quote ) and is actively operating the site.
The deal structure calls for CNOOC to pay OPTI shareholders $34 million while assuming slightly over $2 billion in debt. OPTI will redeem its entire first lien notes for 102% of the principal plus interest with $525 million in 9% notes due next year and $300 million of 9.75% notes due in 2013.
U.S. shares of CNOOC rose 6.32% to $182.80 or 6.32% intraday trading on the NYSE. OPCDF was up nearly 5% in one of its last trading days.
CNOOC has said it will delist OPTI shares from the TSX Venture Exchange on Thursday.
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